Located in the northwest corner of Illinois, Galena is a thriving community. Main Street is bustling and features over 100 shops and restaurants. Galena attracts visitors from Chicago and other parts of Illinois, as well as Iowa, Minnesota and Wisconsin.
Why start a business here? It has a small town atmosphere (3,500 population) that provides a good quality of life. Crime is low, schools are great and housing is affordable. Many residents are from Chicago (about 3 hours away), visited here and then decided to re-locate. Housing costs much less than Chicago and traffic is not a problem in Galena.
What type of businesses do well? Any type that caters to both residents and visitors. Unique and hand-made items are very attractive. There a number of local artists. Some have their own galleries. Others have space in either the Galena Artist Guild Gallery or the Hello Galena Shop. Still others have their work on consignment in some of the retail stores. Other “made in Galena” items include cheese cakes, purses and handbags, candles, furniture, pottery, candies, jewelry. Galena boasts both a winery and a brewery.
High speed internet, so additional avenues of opportunity are opened. You can either work from home or use an inexpensive office location.
What personal qualities are important? Galena is a “word of mouth” town. Good news spreads fast – bad news even faster. Customer service is key. Food service is particularly vulnerable. Guests must be properly greeted, Service must be good, food and drinks above average. Prices must represent value. Retail shops must acknowledge customers but allow some “adjustment” time. Upon immediately entering a shop, questions such as “where are you from” or ‘what are you looking for” should be held for the proper moment.
Illinois is the Midwest’s most economically productive state, and it has the largest population as well. In addition, while Springfield is its capital, the vast city of Chicago provides most of the state’s economic base, and Champaign, Peoria and Rockford play a role there as well.
Since Illinois is located in the center of the country and provides access to both the Mississippi River and Lake Michigan, it is also a natural transportation hub for industry. This is readily acknowledged by the commercial sector because the state has the world’s greatest concentration of air, land water transportation facilities.
Two states in one
If you are considering relocating here and buying an Illinois business for sale, it may surprise you to know that the state is made up of two major contrasting components. The first being a vibrant metropolis and the second being a slower-paced rural sector.
That is why Illinois has become a leading producer of soybeans and corn. It is also the site of O’Hare airport, which serves as a major transportation center as well.
Doing business here
If you would like to buy an Illinois business for sale, you will be interested to know that an established business that is also profitable is usually able to obtain financing from a small-business lender or a financial institution.
This means that it will be easier for you to operate and expand an existing business than it would be to do with a start-up venture.
Note also that Illinois businesses reap the benefits of a first class workforce, abundant resources for energy, an infrastructure that is unparalleled, essential industries, an enviable lifestyle and vast array of business incentives.
Finding the right business model
Limited partnership, sole proprietorship and limited liability company are the most common corporate structures for small businesses in the state. They also have other choices such as S corporation, C corporation general partnership and limited liability partnership.
If you need help in determining which option is the right one in your situation the Illinois Entrepreneurship Network and the Small Business Administration are ready to discuss the details with you and assist you in making the right decision.
Getting the help you need
Under the Department of Commerce and Economic Opportunity (DCEO), the Office of Business Development offers entrepreneurs a wide range of services and programs to help their business succeed in today’s complex economy.
They provide technology support services, incentives for expansion, expertise in global marketing, workforce development and job training.
At the same time the Illinois small business tax credit for job creation provides an additional incentive to investors for growing their business.